US Oil trades well below 200 day 4HMA, targets $45

The US Oil breaks below 200 4 H MA and declined till $47.26 at the time of writing. It is currently trading around $47.52.

The commodity should close above $49.05 (21 day MA) for further upside. On the higher side, break above $49.05 would take the pair to next immediate resistance at $49.45/$50.01 ( 61.8% retracement $51.64 and $47.26).